Andy Bodrog

Yes, in embedded insurance the goal is to provide partners revenue, more specifically recurring revenue via insurance products like renters, pet, homeowners insurance or car rental, travel insurance. The partners are digital companies who's customers have an appetite or relevance for these protection products and they purchase them (ie an OTA or airline offering travel insurance in the booking path). We track revenue via partner dashboard with other metrics and provide revenue share generally monthly.

Once a partnership is established/integrated the partner success team analyzes performance and looks at leading metrics like conversion (quote to policy). They discuss on recurring meetings with partners how these metrics can be improved: - adding a new relevant product in the mix (ie pet insurance next to renters insurance, home warranty next to homeowners insurance) - figuring out where in the customer journey the best conversion happens and adjusting the flow or API - adjusting the quote API to have less questions in the flow, making a purchase easier for the end consumer - to have more partner adoption, we can also work on easier integration options like iFrame or affiliate marketing

Kicking off right an integration partnership is crucial. The two tech teams should connect and have a relationship. Communication is key thus sometimes its better to not just have email but incorporate more timely slack or other ways. Some important steps: 1) Once partnership is signed, there should be an organized kick-off call to discuss partner timelines and resources for integration, partnership goals and an MVP launch. 2) During API integration work, partners generally have many questions and like to A/B test the integration. This is where the tech teams need to be directly in touch and work together. As an insurtech, we enable partners with our expertise in going live with the product and use cases to help them from other parnterships. 3) GTM goals and live date: before going live, QA testing and the MVP have been done and the partnership is ready to go public. This can be helped with PR as well. At this stage sales enablement (email templates, support staff being ready, FAQs created) is important as a lot of questions will come through from customers. 4) Funnel metrics: it is often important to discuss with partner how they open up their top of funnel customers, what % or regions we target with insurance integration. A phased approach to slowly see adoption and work out kinks helps a lot with API partnerships and helps drive revenue in a strategic, slowly increased funnel manner.

Reengaging dormant partners requires a thoughtful approach that rekindles interest, addresses potential barriers, and showcases new opportunities. Ideally there is a good personal relationship with the partners, which always helps. The first step of reengaging dormant partners is figuring out why they are dormant, assessing the relationship (maybe the partnership is not relevant for them, they dont see upside in it or they have forgotten/partnered with some other provider.) - Reignite interest with new opportunities for them: a renters insurance partner that is dormant might reengage with new revenue opportunity by integrating/offering relevant pet insurance for example. - Innovative Solutions: Present creative ways to make the partnership easier or more rewarding, such as streamlined processes or automation. - Feedback Loop: Ask for their input on improving the partnership to make them feel valued. - Performance-Based Rewards: Offer incentives for achieving specific goals (e.g., bonus for reactivating their account or meeting certain milestones). - Build a Long-Term Engagement Plan: Consistent Follow-Up - don’t stop after the initial outreach. Schedule regular check-ins to nurture the relationship.

In the embedded insurance space larger partnerships are generally announced via joint PR. We work in tandem with the partner's marketing team to craft an innovative press release announcing the partnership. Ideally the focus is on how this insurtech partnership makes the partner firm's costumers' lives easier or their experience on the platform better - car insurance integrated into a rental company or travel insurance included in a credit card transaction etc. One can also come up with strategies where the integration showcases a case study later: how did this integration help the partner drive revenue, if we are a new insurance partner how did our integration/partnership increase adoption or conversion? These types of case studies can also be a joint PR.

There are many ways to use channels for a GTM campaign. Generally co-marketing and PR in places like newswires or techcrunch type of online papers with authority are viewed as great avenues. - First place to create partnership awareness is the partners website as they are the ones marketing the integration and have customers who will purchase the insurance. If they have a marketplace we can highlight the integration there or have blog posts written jointly with a press release. - ABM Account Based Marketing: we can help the partner with sales enablement and collateral to market the partnership to relevant accounts; we can run joint ABM campaigns target high-value accounts with tailored messaging. Highlight specific problems the integration solves for each account. - Customer success: highlighting the integration's success via case studies, testimonials or online video walk throughs, webinars is also a good way in insurtech to make clients and potential users aware of the new product. Generally the goal with embedded insurance partnerships is to streamline or innovate our partners' customer journey, thus each integration has an innovative spin that can be marketed and communicated to the public.